Wildhorse Co. buys merchandise on account from Sandhill Co.. The selling price of the goods is $1,120 and the cost of the goods sold is $695. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies.?(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Wildhorse Co.
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount	Enter a credit amount
Sandhill Co.
Enter an account title to record sale of merchandise	Enter a debit amount	Enter a credit amount
Enter an account title to record sale of merchandise	Enter a debit amount	Enter a credit amount
(To record sale of merchandise)
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount	Enter a credit amount

SHOW LIST OF ACCOUNTS

Answer rating: 100% (QA)

Account Titles and Explanation Debit Credit Wildho... View the full answer